Commercial banks have initiated a significant recovery of loans disbursed to individuals and Micro, Small, and Medium Enterprises (MSMEs) to mitigate the economic impact of the COVID-19 pandemic.
Beneficiaries are reporting unexpected deductions of thousands of naira from their bank accounts without prior notice.
The loans were disbursed by the Central Bank of Nigeria through commercial banks in 2021 and managed by the NIRSAL Microfinance Bank. Many affected individuals expressed surprise and frustration over the sudden deductions, causing financial distress for many.